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Türkiye's Halkbank raised $1.1 billion in overseas funding after a nine-year U.S. criminal case against the state-run lender was dismissed in June, the bank announced late Tuesday.
Halkbank shares listed on Borsa Istanbul, Türkiye’s stock exchange, hit the 10% daily upper limit in Wednesday trading as the lender’s access to international funding improved following the conclusion of the legal proceedings.
The new financing adds to the $3.9 billion Halkbank had already raised from international markets before the case was resolved.
The funding included Additional Tier 1 (AT1) subordinated debt, a type of bank debt that ranks below other debt in repayment priority, as well as bilateral loan agreements, or loans arranged directly between Halkbank and another financial institution, the bank said in a disclosure.
The additional $1.1 billion brings Halkbank’s total external funding raised before and after the dismissal to $5 billion.
Halkbank said feedback from a non-deal roadshow with fixed-income investors showed strong interest in its planned issuances. "Our Bank will continue to enhance its presence in international markets and evaluate alternative funding channels that support a sustainable funding structure," the bank said.
The U.S. federal court's dismissal ended a nearly nine-year legal battle involving allegations that Halkbank helped Iran evade U.S. sanctions.
Following the ruling, the bank's general manager, Recep Suleyman Ozdil, said the decision was expected to improve access to foreign funding and strengthen ties with correspondent banks and global financial institutions.
Halkbank had applied to Türkiye’s Capital Markets Board in June to issue up to $5 billion in debt instruments abroad, its largest overseas borrowing program to date. The bank later established the $5 billion Global Medium-Term Note (GMTN) program on July 17 after receiving board approval, creating a framework for issuing multiple debt securities in international markets.
Halkbank, founded in 1938, is Türkiye’s third-largest state-owned lender. It had total assets of €85.4 billion ($99 billion) at the end of 2025, according to official figures.
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